Revenue Generation and Financial Performance - Global Hydrogen has not yet generated any revenue and does not anticipate generating revenue from the sale of systems and equipment to customers in 2025[189]. - As of December 31, 2024, the Company has not generated any revenue and incurred total expenses of $409,027, a decrease of 35% compared to $551,983 for the period from February 16, 2023, to December 31, 2023[202][203]. - The Company reported a net loss of $300,176 for the year ended December 31, 2024, which is a 56% increase compared to a net loss of $130,700 for the previous period[203]. - The Company had $114,146 in cash and cash equivalents and a working capital deficit of $418,940 as of December 31, 2024[208]. - Net cash used in operating activities for the year ended December 31, 2024 was $1,344,037, significantly higher than $159,196 for the previous period[212][213]. - The Company provided $274,855 in net cash from financing activities during the year ended December 31, 2024, compared to $1,342,524 in the previous period[215][216]. - The change in fair value of warrant liabilities was $107,800 for the year ended December 31, 2024, a decrease of 275% from $404,250 in the previous period[207]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[211]. Business Operations and Strategy - The Business Combination was consummated on December 21, 2023, resulting in the company changing its name to Global Gas Corporation and its Class A Common Stock beginning to trade on Nasdaq[194]. - The Business Combination was structured as a reverse recapitalization, treating Global Hydrogen as the accounting acquirer for financial statement reporting purposes[198]. - Global Hydrogen is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[185]. - The company aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators[187]. - Global Hydrogen plans to utilize government incentives, such as hydrogen tax production credits and investment tax credits, to support its project development[188]. - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[185]. - The company is targeting both privately- and publicly-funded hydrogen development projects, including those supported by various government levels in North America and Western Europe[185]. - Global Hydrogen's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and enhance competitiveness[188]. Compliance and Regulatory Considerations - Hydrogen production may involve compliance with government regulations regarding CO2 emissions, with carbon recovery systems deployed to reduce emissions below jurisdictional limits[236]. - Construction of hydrogen production facilities will require compliance with local zoning and permitting requirements, varying by jurisdiction[237]. - The company plans to own and operate hydrogen generation plants and sell the resulting industrial gas, requiring relevant licensing on a project-by-project basis[235]. Other Considerations - A total of 1,600,000 shares of Class B common stock were forfeited by certain holders as part of Forfeiture Agreements, leaving them with 2,700,000 shares[200]. - General and administrative expenses increased by $143,350, primarily due to stock-based compensation, franchise tax, legal, and professional fees[204]. - The Company has not generated significant user data or insights as it has not commenced revenue-generating operations[202]. - Global Hydrogen does not hold material intellectual property beyond certain logos and domain names[234].

Summary of Global Gas Research Conference Call Industry Overview - The report focuses on the **European gas storage** situation as of February 11, 2025, highlighting a significant decline in storage levels compared to historical averages and previous years [2][16]. - The **US gas market** is also discussed, with updates on underground storage and supply-demand dynamics [3]. Key Points and Arguments European Gas Storage - As of February 11, European gas storage was **47% full**, equating to **49 billion cubic meters (bcm)**, which is **5% below the 5-year average** and **20% lower than in 2024** [2]. - The rate of net withdrawals has accelerated to **-4.2 bcm**, up from **-2.1 bcm** a year ago and the 5-year average of **-3.7 bcm** [2]. - The estimated exit storage levels are projected to be in the **high-30s%**, compared to **58%** at the end of March 2024 and **41%** of the 5-year average [2]. - To meet the EU's storage target of **77%**, a minimum of **~155 bcm** of LNG is required, which is an increase of **17 bcm** year-over-year [2]. - Germany has requested exemptions from storage filling targets for the current year [2]. US Gas Market - The EIA reported a **100 Bcf** week-over-week decrease in underground storage, bringing total inventories to **2,297 Bcf**, which is **3% below the 5-year average** [3]. - Storage utilization in the US stands at **54%**, below the 5-year average of **56%** [3]. - The **Lower 48 supply** for 2025 has been upgraded to **112.5 Bcf/d**, while demand is raised to **113.2 Bcf/d**, indicating an average undersupply of **0.7 Bcf/d** in 2025 [3]. Price Dynamics - The Dutch TTF price dropped sharply by **7%** to the low-€50s/MWh, influenced by increased optimism regarding US-Russia talks [4]. - Despite the winter's end approaching, higher European gas prices are anticipated at around **€40**, compared to **€35** in 2024, due to increased refilling demand [4]. - US Henry Hub prices remain elevated at **$3.7/mmBtu**, with a revised price outlook for 2025 raised to **$3.61/mmBtu** from **$3.35/mmBtu** [4]. - Asian JKM prices have also risen to approximately **$15/mmBtu**, despite muted demand [4]. Storage Utilization and Targets - The report includes detailed figures on gas storage utilization levels across various EU countries, indicating current levels and targets for filling [16]. - The total EU storage level is currently at **49%**, with various countries having different intermediate and filling targets [16]. Additional Important Insights - The report emphasizes the challenges of storage injection over the summer due to lower current storage levels, necessitating increased LNG imports [2]. - The potential for voluntary storage targets among EU countries could mitigate forced buying impacts during the summer [4]. - The report highlights the ongoing volatility in oil and natural gas prices as a risk factor for investment in the sector [20]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and outlook of the gas industry in both Europe and the US.

Summary of Global Gas and Power Insights - February 2025 Industry Overview - The report focuses on the global liquefied natural gas (LNG) market, particularly the impact of China's new tariffs on US LNG imports and the subsequent effects on global trade flows and pricing dynamics. Key Points China's Tariff on US LNG - China announced a 15% tariff on US LNG imports effective February 10, 2025, which is expected to reshape global trade flows but have limited impact on Asian JKM LNG and European TTF natural gas prices [1][7][24] - In 2024, the US supplied only 5.6% of China's total LNG imports, and in 2023, only 4.0% of US LNG exports went to China, indicating a minimal direct impact on the overall market [7][24] Historical Context - The report references the 2019 scenario where China diversified its LNG imports away from the US due to tariffs, leading to a 12% year-over-year increase in total LNG imports from other countries [2][8] - US LNG exports grew by 68% year-over-year in 2019, compensating for the loss of demand from China with increased exports to Europe and other regions [10] Price Forecasts - Price forecasts for 1Q25 and 2Q25 TTF have been raised to $15.4/MMBtu and $15.0/MMBtu, respectively, reflecting a 14% and 11% increase from previous forecasts due to higher-than-expected European gas demand [4][21] - JKM price forecasts for 1Q25 and 2Q25 have also been increased to $14.4/MMBtu and $15.0/MMBtu, with a 3% and 11% increase from prior forecasts [5][22] Market Dynamics - European gas demand has been buoyed by lower temperatures and a decline in wind and hydro power generation, which fell by 18% and 27% year-to-date, respectively [4][21] - The potential reduction of LNG exports from Indonesia could tighten the global LNG market, although the actual impact may be muted due to high LNG prices dampening domestic demand [24] Long-term Outlook - With new US LNG export terminals coming online from 2025, TTF and JKM prices are expected to enter another down cycle post-2026, similar to the price declines observed in 2019 [3][15] - The long-term implications for US Henry Hub prices are complex, with potential LNG curtailments affecting market dynamics, but a constructive outlook on long-term prices remains [20] Additional Insights - The report highlights the interplay between AI developments and energy demand, suggesting that advancements in AI could lead to increased energy consumption, particularly in natural gas [20] - The report emphasizes the importance of monitoring Indonesia's LNG export policies and their potential impact on global supply dynamics [24] Conclusion - The global LNG market is currently facing significant shifts due to geopolitical factors, changing demand patterns, and evolving supply dynamics. The anticipated tariff on US LNG imports by China is expected to have limited immediate effects on pricing, but the long-term outlook remains uncertain with new export capacities and potential market adjustments.

Business Overview - Global Hydrogen has not yet generated any revenue and does not anticipate generating revenue from the sale of systems and equipment to customers in 2024[117]. - The Business Combination was consummated on December 21, 2023, resulting in the company changing its name to Global Gas Corporation and its Class A Common Stock beginning to trade on Nasdaq under the symbols "HGAS" and "HGASW"[123]. - The Business Combination was structured as a reverse recapitalization, treating Global Hydrogen as the accounting acquirer for financial statement reporting purposes[128]. - Global Hydrogen is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[113]. - The company aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators looking to decarbonize their fleets[115]. Financial Performance - As of September 30, 2024, the Company has not generated any revenue and incurred total expenses of $121,207 for the three months ended September 30, 2024, a decrease of 9% compared to $132,864 for the same period in 2023[132]. - For the nine months ended September 30, 2024, total expenses were $269,461, down 30% from $385,790 for the period from February 16, 2023, to September 30, 2023[134]. - The Company reported a net loss of $123,954 for the three months ended September 30, 2024, an improvement of 7% compared to a net loss of $132,828 for the same period in 2023[132]. - Interest income for the three months ended September 30, 2024, was $2,643, significantly up from $36 for the same period in 2023[138]. - The change in fair value of warrant liabilities was recognized as an expense of $5,390 for the three months ended September 30, 2024[139]. - As of September 30, 2024, the Company had $192,444 in cash and cash equivalents, a working capital deficit of $282,813, and an accumulated deficit of $197,439[140]. - Net cash used in operating activities for the nine months ended September 30, 2024, was $1,265,884, compared to $96,715 for the period from February 16, 2023, to September 30, 2023[144]. - The Company provided $275,000 in net cash from financing activities during the nine months ended September 30, 2024, compared to $97,242 for the prior period[147]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[143]. Strategic Initiatives - Global Hydrogen plans to utilize government incentives, such as hydrogen tax production credits and investment tax credits, to support its project development[116]. - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[113]. - Global Hydrogen's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and improve pricing competitiveness[116]. - The company is targeting both privately- and publicly-funded hydrogen development projects, including those supported by various government levels in North America and Western Europe[113]. - The anticipated capitalization and enterprise value of the combined company following the Business Combination is a key focus for future growth[109]. Compliance and Governance - The Company utilizes the acquisition method for business combinations, measuring goodwill based on the fair value of consideration transferred, including non-controlling interests[157]. - Contingent consideration is recorded at fair value at the acquisition date, with changes recognized in the consolidated statements of operations[158]. - Provisional amounts are reported if the initial accounting for a business combination is not finalized by the end of the reporting period, with adjustments allowed within one year from the acquisition date[159]. - The Company follows the asset and liability method for income taxes, recognizing deferred tax assets and liabilities based on future tax consequences[160]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards[162]. - Global Hydrogen does not hold material intellectual property beyond certain logos and domain names[165]. - The Company plans to own and operate hydrogen generation plants, requiring relevant licensing for production and sale of gases[166]. - Compliance with government regulations is necessary for the construction and distribution of hydrogen and other gases[168]. - The Company does not consider any pending legal claims to be material to its business or likely to adversely affect future operating results[173]. - Disclosure controls and procedures were evaluated as effective at the reasonable assurance level as of September 30, 2024[171].

Revenue Generation and Financial Performance - Global Gas Corporation has not yet generated any revenue and anticipates starting revenue generation from the sale of systems and equipment in 2023 or 2024[103]. - As of June 30, 2024, the Company has not generated any revenue, with total expenses of $71,095 for the three months ended June 30, 2024, a decrease of 72% compared to $252,310 for the same period in 2023[117]. - The Company reported a net income of $405,434 for the three months ended June 30, 2024, compared to a net loss of $252,261 for the same period in 2023, representing a change of 261%[117]. - General and administrative expenses decreased by $181,215 for the three months ended June 30, 2024, primarily due to reductions in franchise tax, payroll, and legal fees[120]. - The Company had $338,784 in cash and cash equivalents and a working capital deficit of $164,249 as of June 30, 2024[126]. - Net cash used in operating activities for the six months ended June 30, 2024 was $1,119,544, primarily due to decreases in accounts payable and accrued expenses[129]. - The Company intends to raise additional financing through equity raises to support future operations and growth[127]. Business Development and Strategy - The company has established a project development pipeline but has not yet closed on any projects, with recent projections revised due to the loss of a forecasted project[103]. - Global Gas aims to serve the hydrogen-as-energy-carrier market, targeting heavy-duty transportation operators transitioning to hydrogen fuel cell vehicles[101]. - The company plans to utilize renewable waste feedstock for gas generation and may deploy carbon capture technology on certain projects[100]. - Global Gas is focused on developing modular generation and recovery solutions to produce clean hydrogen and carbon dioxide at competitive market prices[102]. - The company is targeting both privately- and publicly-funded hydrogen development projects, supported by government incentives in North America and Western Europe[102]. - The company’s growth strategy includes securing local feedstocks and offering multiple gas products from a single feedstock input[102]. - Global Hydrogen plans to operate hydrogen generation plants and will acquire necessary licenses on a project-by-project basis[149]. Business Combination and Corporate Structure - The Business Combination was completed on December 21, 2023, resulting in the company changing its name to Global Gas Corporation and its Class A Common Stock beginning to trade on Nasdaq under the symbol "HGAS"[109]. - The Business Combination involved a SPAC structure, allowing sellers to retain equity ownership in Holdings, classified as a partnership for tax purposes, potentially providing future tax benefits[111]. Compliance and Regulatory Matters - Compliance with government regulations is required for the construction and distribution of hydrogen and other gases[150]. - The Company received a notice from Nasdaq regarding potential delisting due to failure to meet initial listing standards, with a hearing requested to address compliance issues[116]. Accounting and Financial Reporting - The Company utilizes the acquisition method for business combinations, measuring goodwill as the fair value of consideration transferred, including non-controlling interest, less identifiable assets and liabilities at fair value[141]. - Contingent consideration is recorded at fair value at the acquisition date, with changes recognized in the consolidated statements of operations[142]. - Provisional amounts are reported if initial accounting for a business combination is not finalized by the end of the reporting period, with adjustments made within one year from the acquisition date[143]. - The Company follows the asset and liability method for income taxes, recognizing deferred tax assets and liabilities based on future tax consequences from existing assets and liabilities[144]. - The Company is classified as an "emerging growth company," allowing it to delay the adoption of certain accounting standards and reduced disclosure requirements[146]. Operational and Management Aspects - The Company has a limited operating history, and its liquidity and capital resources may change substantially from past results, raising concerns about its ability to continue as a going concern[128]. - The Company does not hold material intellectual property beyond certain logos and domain names[148]. - The Company maintains disclosure controls and procedures to ensure timely reporting of required information[151]. - As of June 30, 2024, the Company's disclosure controls and procedures were evaluated as effective at the reasonable assurance level[152].

Revenue Generation - Global Gas Corporation has not yet generated any revenue and anticipates starting revenue generation from the sale of systems and equipment in 2023 or 2024[112]. - As of March 31, 2024, the Company has not generated any revenue and has incurred total costs and expenses of $77,159, resulting in an operating loss of $77,159[125][126]. - The Company reported a net loss of $178,743 for the three months ended March 31, 2024, compared to a net loss of $616 for the period from February 16, 2023, to March 31, 2023, representing a 28,917% increase in loss[126][129]. Business Development and Strategy - The company is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks[108]. - Global Gas aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators transitioning to hydrogen fuel cell vehicles[110]. - The company plans to utilize carbon capture technology in projects that require clean hydrogen production from high greenhouse gas output energy sources[109]. - Global Gas's growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and enhance competitiveness[111]. - The company has established relationships with independent equipment suppliers and is actively reviewing its project development pipeline with potential customers[108]. - Global Gas is targeting projects supported by government incentives for hydrogen production and carbon recovery in North America and Western Europe[111]. Financial Position - As of March 31, 2024, the Company had $286,522 in cash, a working capital deficit of $248,063, and an accumulated deficit of $478,919[131]. - Net cash used in operating activities for the three months ended March 31, 2024, was $1,029,372, primarily due to the net loss for the period[136]. - Net cash provided by investing activities during the same period was $1,128,532, related to proceeds from the redemption of marketable securities[137]. - The Company intends to raise additional financing through equity raises to support future operations and growth[133]. Business Combination and Stock Trading - The Business Combination with Dune Acquisition Corporation was completed on December 21, 2023, resulting in the company being renamed Global Gas Corporation[118]. - Following the Business Combination, the company's Class A Common Stock began trading on Nasdaq under the symbols "HGAS" and "HGASW" on December 22, 2023[118]. Expenses and Liabilities - General and administrative expenses increased by $77,117, primarily due to franchise tax expense, legal fees, and listing fees[127]. - The change in fair value of warrant liabilities recognized as an expense for the three months ended March 31, 2024, was $109,150[130]. - The Company has entered into Forfeiture Agreements, resulting in the forfeiture of 1,600,000 shares of Class B common stock[124]. Going Concern and Compliance - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[134]. - The Company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of certain accounting standards[154]. - Compliance with government regulations is necessary for the construction of hydrogen production facilities, including local zoning and permitting[159]. - The distribution of hydrogen and other gases will depend on compliance with federal and state regulatory regimes[159]. Intellectual Property and Operations - Global Hydrogen does not hold material intellectual property beyond logos and domain names[156]. - The Company plans to own and operate hydrogen generation plants, requiring relevant licensing for production, storage, and sale of gases[157]. - Carbon recovery systems will be deployed to significantly reduce or eliminate CO2 emissions during hydrogen production[158].

Revenue Generation - Global Gas Corporation has not yet generated any revenue since its inception on February 16, 2023, and anticipates revenue generation from the sale of systems and equipment in 2023 or 2024[206]. - As of December 31, 2023, the Company has not generated any revenue, with total costs and expenses amounting to $409,027, resulting in an operating loss of $409,027[220]. - The Company reported a net loss of $300,176 for the period from February 16, 2023 (inception) to December 31, 2023, with interest income of $1,051 and a change in fair value of derivative warrants liabilities of $107,800[220]. Business Development and Strategy - The company is focused on developing a project pipeline for hydrogen and carbon recovery, targeting both renewable and non-renewable feedstocks for gas production[202][203]. - Global Gas aims to serve the hydrogen-as-energy-carrier market, particularly targeting heavy-duty transportation operators transitioning to hydrogen fuel cell vehicles[204]. - The company plans to utilize carbon capture technology in projects that require it, particularly when using non-renewable energy sources[203]. - The company’s growth strategy includes placing modular generation and recovery solutions closer to end customers to reduce costs and enhance competitiveness[205]. - Global Gas is targeting both privately- and publicly-funded hydrogen development projects across North America, Western Europe, and Great Britain[202]. Financial Position - The Company had an aggregate cash balance of $62,362 and a net working capital deficit of $303,470 as of December 31, 2023[221]. - Cash flows from operating activities resulted in a net cash used of $160,162, while net cash used in investing activities was $1,120,000, and net cash provided by financing activities was $1,342,524[225]. - Management has raised substantial doubt about the Company's ability to continue as a going concern for the next twelve months due to liquidity concerns[224]. Business Combination - The Business Combination with Dune Acquisition Corporation was completed on December 21, 2023, resulting in the company being renamed Global Gas Corporation and its shares trading on Nasdaq under the symbols "HGAS" and "HGASW" starting December 22, 2023[213]. - The Business Combination was structured as a reverse recapitalization, with Dune treated as the acquired company and Global Hydrogen as the accounting acquirer[216]. Future Financing - The Company intends to raise additional financing through equity raises to support future operations and growth[223]. Employment and Stock - The Company has entered into employment agreement amendments, restructuring compensation for key personnel based on gross profit[218]. - An aggregate of 1,600,000 shares of Class B common stock were forfeited by certain holders, including key personnel, resulting in a total of 2,700,000 shares remaining[219]. Project Licensing - The Company plans to operate hydrogen generation plants and will require relevant licensing to produce, store, and sell gases in various jurisdictions[239]. Supplier Relationships - The company has established relationships with independent equipment suppliers but has not yet finalized contracts with paying customers or suppliers[202]. Management Projections - Management has revised projections to reflect the loss of a previously anticipated systems and equipment project expected to close in Q3 2023[206]. Government Incentives - Global Gas is positioned to benefit from government incentives for hydrogen production and carbon recovery projects, including tax credits from the Inflation Reduction Act of 2022[205].

Financial Performance - The company reported a net loss of approximately $1.3 million for the three months ended September 30, 2023, compared to a net loss of approximately $1.4 million for the same period in 2022 [147][148]. - For the nine months ended September 30, 2023, the company had a net loss of approximately $687,000, while for the same period in 2022, it reported a net income of approximately $9.2 million [149][150]. - The company has not generated any operating revenues to date and will only do so after completing its initial business combination [146]. Business Combination - The company extended the deadline to complete a business combination to December 22, 2023, with stockholders redeeming approximately $160.7 million in public shares [132][133]. - The proposed business combination with Global Hydrogen has a reduced share consideration from $57.5 million to $48.0 million [126]. - The business combination is expected to close in the second half of 2023, pending stockholder approval and customary closing conditions [130]. - The company has until December 22, 2023, to consummate a business combination, raising substantial doubt about its ability to continue as a going concern [141][142]. Cash and Investments - As of September 30, 2023, the trust account held $12,080,509 in cash and investments, including approximately $318,000 in interest income [123]. - The company placed $172.5 million in the trust account at the closing of the initial public offering [154]. - As of September 30, 2023, the company had borrowed $20,000 under a promissory note from the Sponsor, which allows for borrowings up to $300,000 [159]. - The company has no borrowings under working capital loans as of September 30, 2023 [158]. Expenses and Costs - The company incurred $10,000 in administrative services expenses for the three months ended September 30, 2023, and $90,000 for the nine months ended September 30, 2023 [160]. - The company expects to incur increased expenses due to being a public company, including legal and financial reporting costs [146]. IPO and Underwriting - The company raised gross proceeds of $172.5 million from its initial public offering, with offering costs of approximately $10.0 million [121]. - The company granted underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price, resulting in an underwriting discount of $3,450,000 ($0.20 per unit sold) paid at closing [163]. - On December 22, 2020, the company issued 2,250,000 units in connection with the underwriters' full exercise of the over-allotment option [163]. - The company entered into an amendment letter with Cantor Fitzgerald & Co. to waive the Deferred Discount, agreeing to an advisory fee of $3,800,000 [165]. Legal and Settlement - The company received $2.75 million as part of a settlement agreement related to the terminated TradeZero merger agreement [137]. - The company received $2.75 million from a lawsuit settlement in January 2023, which was primarily used to pay accounts payable and expenses [140]. Reporting and Disclosures - As of September 30, 2023, the company reported a working capital deficit of approximately $2.0 million [139]. - As of September 30, 2023, the company reported no off-balance sheet arrangements [167]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures [168].

Financial Performance - The company had a net loss of approximately $558,000 for the three months ended June 30, 2023, with general and administrative expenses totaling approximately $883,000[149]. - For the six months ended June 30, 2023, the company reported a net income of approximately $650,000, primarily from other income of approximately $2.1 million from the write-off of legal fees[151]. - The company had a net income of approximately $4.9 million for the six months ended June 30, 2022, driven by non-operating gains from the change in fair value of derivative warrant liabilities[152]. - The company has incurred approximately $1.1 million in general and administrative expenses for the six months ended June 30, 2023[151]. Business Combination - The company extended the deadline to complete a business combination to December 22, 2023, with stockholders redeeming approximately $160.7 million for public shares[134][136]. - A proposed business combination with Global Hydrogen is expected to close in the second half of 2023, subject to stockholder approval and customary closing conditions[133]. - The business combination with Global Hydrogen involves a valuation of $57.5 million, with shares exchanged based on a defined exchange ratio[132]. - The company plans to liquidate and dissolve if a business combination is not completed by December 22, 2023[127][128]. - The company has until December 22, 2023, to consummate a business combination, raising substantial doubt about its ability to continue as a going concern[144]. Capital and Funding - The company raised gross proceeds of $172.5 million from its initial public offering, with offering costs of approximately $10.0 million[124]. - As of June 30, 2023, the trust account held $11,963,187 in cash and investments, including approximately $143,000 in interest income[126]. - The company had $172.5 million placed in the trust account at the closing of the initial public offering[155]. - The company issued an unsecured promissory note to the Sponsor for borrowings of up to $300,000, which is payable upon the earlier of December 31, 2023, or the completion of the business combination[160]. Legal and Settlement Matters - The company received $2.75 million as part of a settlement agreement related to the terminated TradeZero merger agreement[140]. - The company received $2.75 million from a lawsuit settlement in January 2023, which was used to pay accounts payable and expenses[143]. Stockholder Information - The company has a total of 5,494,554 shares of common stock outstanding after redemptions[136]. - The company is a blank check company formed for the purpose of effecting a business combination with one or more businesses[123]. Operational Status - The company has not generated any operating revenues to date and will not do so until after completing its initial business combination[148]. - The company incurred $30,000 in administrative services expenses for the three months ended June 30, 2023, under an agreement with the Sponsor[161]. - No off-balance sheet arrangements were reported as of June 30, 2023, and December 31, 2022[168]. - The company qualifies as a smaller reporting company and is not required to provide additional market risk disclosures[169].

Financial Position - As of March 31, 2023, the trust account held $11,855,267 in cash and investments, including approximately $34,000 in interest income available for tax obligations [121]. - The company had a working capital deficit of approximately $112,000 as of March 31, 2023, excluding tax obligations of approximately $128,000 [132]. - The company received $2.75 million from a settlement agreement with TradeZero in January 2023, which was primarily used to pay accounts payable and expenses [133]. - Stockholders redeemed approximately $160.7 million worth of public shares during the June 2022 special meeting, leaving approximately $11.8 million in the trust account [126]. - The Company has no borrowings under working capital loans as of March 31, 2023, and December 31, 2022 [148]. - As of March 31, 2023, there were $1,500 due to related parties [150]. Income and Expenses - For the three months ended March 31, 2023, the company reported a net income of approximately $1.2 million, driven by $2.1 million in other income and $93,000 in income from investments, offset by $674,000 in non-operating losses and $197,000 in general and administrative expenses [140]. - The Company incurred $30,000 in administrative services expenses for the three months ended March 31, 2023, under an agreement with the Sponsor [149]. - The company incurred approximately $10.0 million in offering costs during its initial public offering, including $6.0 million in deferred underwriting commissions [119]. Business Operations - The company has not generated any operating revenues to date and will only do so after completing a business combination [139]. - The company has until December 22, 2023, to complete a business combination; otherwise, it will cease operations and liquidate [122]. Tax and Regulatory Matters - The company is subject to a new 1% U.S. federal excise tax on stock repurchases, effective in 2023, which may affect its financial strategies [136]. Shareholder and Equity Information - The Sponsor purchased 3,737,500 Founder Shares for an aggregate price of $25,000, which were converted into 4,312,500 Founder Shares after a stock split [142]. - The private placement of 4,850,000 warrants at $1.00 each generated proceeds of $4,850,000, with $172,500,000 placed in the trust account at the closing of the initial public offering [144]. - The holders of Founder Shares and private placement warrants are entitled to registration rights, allowing them to demand registration for sale under the Securities Act [151]. Other Considerations - The company has been evaluating the impact of the COVID-19 pandemic, but the specific impact remains indeterminate as of the latest reporting date [135]. - The Sponsor agreed to loan up to $200,000 to cover IPO expenses, of which approximately $31,000 was borrowed and fully repaid [147]. - The Company did not have any off-balance sheet arrangements as of March 31, 2023, and December 31, 2022 [156]. - The underwriters exercised their over-allotment option in full, resulting in the issuance of 2,250,000 additional units and an underwriting discount of $3,450,000 [152]. - The Company has not identified any critical accounting estimates that could significantly affect its financial statements [154].